Particular Average

Particular Average

Definition

Particular Average — in ocean marine insurance, a partial loss sustained by a specified cargo or
vessel. Ocean marine policies do not necessarily cover partial loss (referred
to as "average" loss); those that are covered must be the result of a
covered peril. Such cargo losses are usually subject to separate particular
average coverage provisions.

An ocean marine policy provision that eliminates coverage for partial loss to cargo except in the event of stranding, sinking, fire, or collision (regardless of whether those perils were the proximate cause of the loss).

An ocean marine policy provision that covers partial loss of below deck cargo
on the same basis as a total loss—that is, for loss by the same perils and
regardless of what percentage of the total insured value is damaged or lost.

An ocean marine policy provision that eliminates coverage for partial loss of
below deck cargo amounting to less than 3 percent of insured value. Partial
losses amounting to 3 percent or more of insured value are covered in full.

In ocean marine insurance, an insurance policy that covers a partial loss
sustained by a specified cargo or vessel. Ocean marine policies do not
necessarily cover partial loss (referred to as "average" loss); those
that are covered must be the result of a covered peril. Such cargo losses are
usually subject to separate particular average coverage provisions.